Borrowing in Saltspring Island, British Columbia

A loan taken out in Saltspring Island is governed by British Columbia's licensing rules, and the 2021 Census counted 11,635 people in the community.

The British Columbia rules that apply

Provincial or territorial law decides who may lend in British Columbia, and the Financial Consumer Agency of Canada publishes the list that names the regulator responsible.

The federal Payday Lending Regulations (SOR/2024-114) count British Columbia among the provinces with payday lending rules, where the published maximum cost of borrowing is $14 per $100 advanced under SOR/2024-114.

The lower-middle band covers towns of moderate size, none of which sets its own lending rules.

How borrowing works locally

A secured product gives the lender a claim on a named asset, which is why its price is usually lower than an unsecured equivalent.

A payday advance is repaid on a pay date, while an instalment loan is repaid over a set number of payments. A deposit or trade-in reduces the amount financed and therefore the interest charged over the term.

The census figures for Saltspring Island

Saltspring Island recorded a population of 11,635 in Statistics Canada's 2021 Census of Population. The community covers 182.9 square kilometres of land.

The arithmetic gives 63.6 people per square kilometre.

Its provincial population rank is 56 within this data set.

The place record for Saltspring Island covers 182.9 square kilometres and 11,635 residents, a density of 63.6 people per square kilometre.

Products compared here

These are two of the 20 products described on the site, and each has a national page as well as the provincial rules.

• Business loans: Commercial borrowing, what lenders read in a business file, and how the assessment differs from personal credit.
• Instalment loans: A fixed number of fixed payments, sized larger and longer than a payday advance.

Saltspring Island ranks 56 by 2021 Census population among the covered places in British Columbia.

Readers comparing Saltspring Island with another community can use the same four census fields.

Saltspring Island is one of 460 covered British Columbia places, counted at 11,635 residents with a land area of 182.9 square kilometres.

Saltspring Island appears in the census record with 11,635 residents, and the density of 63.6 people per square kilometre follows from it.

For Saltspring Island, the two census fields above are the only local statistics used anywhere on the page.

Where a figure for Saltspring Island could not be verified, the page names the publisher instead of printing a number.

The density figure for Saltspring Island, 63.6 people per square kilometre, is calculated from the population and land area above.

The land area recorded for Saltspring Island is 182.9 square kilometres, and the population is 11,635 residents in the 2021 Census.

At 11,635 residents in the 2021 Census, Saltspring Island is listed alongside the other covered places in British Columbia.

The Saltspring Island page follows the same structure as every other place page, with population, land area, density and rank.

Saltspring Island sits at rank 56 within British Columbia in this data set, and the provincial rules apply as they do elsewhere.

Nothing on the Saltspring Island page is estimated; the population and land area come from Statistics Canada's 2021 Census of Population.

loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.

The 2021 Census of Population published by Statistics Canada is the source for population and land area; the federal Payday Lending Regulations (SOR/2024-114) are the source for payday rules.

The provincial rules apply wherever a borrower is in British Columbia; a municipal boundary does not change them.